In its first year of operations, Grace Company reports the following:

Earned revenues of $60,000 ($52,000 cash received from customers);
Incurred expenses of $35,000 ($31,000 cash paid toward them);
Prepaid $8,000 cash for costs that will not be expensed until next year.

Net income under the accrual basis of accounting is:

A) $17,000.
B) $13,000.
C) $21,000.
D) $25,000.
E) None of these options are correct

The proliferation of bittorrent and other file sharing media have threatened the copyright system. based on an understanding of incentives and opportunity cost, how are the decisions of musicians likely impacted?

Magic realm, inc., has developed a new fantasy board game. the company sold 15,000 games last year at a selling price of $20 per game. fixed expenses associated with the game total $182,000 per year, and variable expenses are $6 per game. production of the game is entrusted to a printing contractor. variable expenses consist mostly of payments to this contractor. required: 1-a. prepare a contribution format income statement for the game last year.1-b. compute the degree of operating leverage.2. management is confident that the company can sell 58,880 games next year (an increase of 12,880 games, or 28%, over last year). given this assumption: a. what is the expected percentage increase in net operating income for next year? b. what is the expected amount of net operating income for next year? (do not prepare an income statement; use the degree of operating leverage to compute your answer.)

Slimwood corporation made sales of $ 725 million during 2018. of this amount, slimwood collected cash for $ 670 million. the company's cost of goods sold was $ 300 million, and all other expenses for the year totaled $ 400 million. also during 2018, slimwood paid $ 420 million for its inventory and $ 285 million for everything else. beginning cash was $ 110 million. carter's top management is interviewing you for a job and they ask two questions: (a) how much was carter's net income for 2018? (b) how much was carter's cash balance at the end of 2016? you will get the job only if you answer both questions correctly.